Word: suits
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...Chicago last week stockholders of Celotex Co. approved a plan which will constrict the activities of Bror Gustave Dahlberg, the company's enthusiastic founder-president. And in Chicago last week the second receivership suit of the year was filed against Celotex...
...around $50 last January he wired all stockholders, telling them the stock had only partially recovered, not to "unwittingly sacrifice" their holdings. But by June it had slipped to around $40, then broke sharply to $20 when one David Adler sued for receivership. It recovered somewhat when the suit was thrown out of court and charges made that Plaintiff Adler had stock manipulations in mind. But when last week's events transpired Celotex stock was at $10?...
Approval of this plan followed by one day the second receivership suit. It was brought by William H. McFetridge of Chicago who says he owns 50 shares, is also suing for other stockholders. He charges that at the time the company was formed Mr. Dahlberg & associates made $10,000,000 in selling the new company land and equipment. In addition to similar charges, he says the company is hopelessly insolvent, cannot meet its obligations...
Whether this will turn out to be the same sort of suit as many another brought and dismissed this year remains to be seen. To the men reorganizing Celotex's affairs it was especially annoying, for however groundless a suit may be, it has a psychological effect on creditors, investors. Celotex officials can point, however, to the fact that they are raising more than $500,000 through the sale of stock, that the new finance committee has set up a $1,000,000 revolving credit fund...
...Federal District Court at St. Paul last week rang to the sound of big figures, big names. A widow filed suit against Inland Steel Co., Great Northern Railway Co. for patent infringement, filed similar suits against U. S. Steel Corp. and its subsidiaries Carnegie Steel Co., U. S. Steel Products Co. Five hundred million dollars -a half-billion-is the total of her claims, but the figure's reverberations seemed to have a hollow ring...